- Don’t take deposits unless absolutely necessary. It is just as easy to get the full payment upfront if ASKED FOR. Assume the payment as the sale. Say “which credit card would you like to use? Get info, and give confirmation number quickly. Take the booking manually and don’t waste time with data entry- do it later. Just like buying an airline ticket tell them.
- Cut your receivables to the bone. No direct billing with affiliates. ASK, they will give you a credit card for payment up front. Get an authorization immediately. You Ask your affiliate to cut out all the unnecessary calls by their dispatchers. Time is money and spending your quality time taking all those calls eliminates valuable booking time you could be doing. Also, you won’t have to chase the affiliate to get your money. Many owners actually end up losing money on the booking. You must control the affiliate, your price, your cash, your time. And yes, make sure they are legal in every way…..Much more on this subject in the next issue of Limopreneur.
- If you have aged receivables, write them off by year end and issue a 1099-C and take the deductions instead of paying undue tax.
- Eliminate costly fees for leads with internet companies who have several companies paying same fees for the same lead. Cyberspace type marketing is a loser for the owner. Maximize your own SEO at no cost. Hire a professional who really knows the tricks of the trade. Focus on getting direct hits on your web site. A professional web master will develop and maintain your site that will be far superior than your competitor.
- Call your insurance agent and get the highest deductible you can-your premium will come down significantly.
- Eliminate your display ads in the phone books and go to in-column ads or just a bold listing with the web address in color underneath. Savings will be of thousands of dollars. You will still get the same phone call.
CASH FLOW IS THE NAME OF THE GAME. The Limopreneur must control his Cash Flow.
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